Sector Update: Financial Stocks Sink Amid Broader Markets Retreat

Last Updated: Wednesday, October 27, 2021 3:48 PM | MT Newswires

Financial stocks continued to sputter in afternoon trading, with the NYSE Financial Index dropping 1.8% while the SPDR Financial Select Sector ETF (XLF) was off 1.3%.

The Philadelphia Housing Index was slipping 0.3% and the SPDR Real Estate Select Sector ETF (XLRE) was retreating 0.5%.

Bitcoin was 5.9% lower at $58,429 while the yield for 10-year US Treasuries was 1.529%, down 5.6%.

In company news, New York Community Bancorp (NYCB) fell 8.1% after reporting non-GAAP Q3 net income of $0.31 per share on $333 million in total revenue, up 35% and 12.5% over year-ago levels, respectively, but still missing analyst estimates expecting the bank holding company to earn $0.32 per share, excluding one-time items, on $346.2 million in revenue.

Robinhood Markets (HOOD) tumbled nearly 11% after overnight reporting a smaller-than-expected increase in Q3 revenue, rising 35% year-over-year to $365 million but still lagging the $437.6 million analyst mean as retail trading volume slowed. It also said the decline is continuing, with the online broker expecting "no more than $325 million" in Q4 revenue compared with the Capital IQ consensus looking for $478 million for the current quarter.

Evercore (EVR) slid 6.2% after the investment banking firm said Ralph Schlosstein will step down as co-chairman and co-CEO on Feb. 25 and John Weinberg becoming chief executive board chairman after sharing those roles with Schlosstein since July 2020. The upcoming retirement upstaged the company also saying its non-GAAP Q3 net income and revenue more than doubled over year-ago levels, easily beating Wall Street expectations.

To the upside, Colliers International (CIGI) rose 2% to touch a new record high after Wednesday announcing a deal to acquire controlling stakes in three of its real estate services and management affiliates in Italy for undisclosed amounts. The transaction is expected to close during the first three months of 2022, subject to customary conditions.

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